Yes, housing is now in decline after largely avoiding the 2008 shock, they say. But everything else has also been going haywire: unemployment, credit, stocks, etc.

That is all the more remarkable, they argue, because Canada emerged from the 2008 crisis appearing a paragon of stability in the world.

Pacifica quotes Horace to sum up the situation: "Many shall be restored that are now fallen and many shall fall that are now in honor."

"A pronounced shift in both Canadian and US economies has taken place," write Pacifica's analysts. "The Canadian economy, once the envy of Americans, Europeans, and others, is now widely viewed as a commodity dependent, “one trick pony”.

In a series of charts we've reproduced here, Pacifica shows how a "mean reversion" is taking place in North America, with the U.S. economy recovering while Canada's is for a world of hurt.

In Vancouver, considered Canada’s "bubbliest" city, average single family home sale prices are down over 14% from their highs.

Canadian home starts are now declining at the fastest rate since the financial crisis.

This is the indicator that gives Pacifica most pause. They write: "With 20% of Canadian GDP directly involved in construction and real estate activities, a continued slowdown in housing-starts will have a marked impact on the consumer behavior and ripple through other consumer sensitive areas of the economy, including retail sales, financial services, transportation, and warehousing."

U.S. and Canadian stock markets are diverging.

The S&P TSX composite, Canada's main index, has lagged the S&P 500 for the better part of two years. "This ominous pattern could foreseeably continue should drivers of the Canadian stock market, notably global commodity demand, continue to weaken," Pacifica writes.

Montreal unemployment is about the same.

While the unemployment rate has been on a downward trend since the end of the recession, however, it's gotten stuck at 7%. This is in comparison to the sub 6% unemployment rates seen in Canada before the recession.